CBRE Helps Push Retail Upstate

CBRE/NE helped facilitate the sale of a metropolitan Syracuse asset.

Commercial real estate services firm CBRE/NE, acting on behalf of Phillips Edison & Co., has sold River Mall Shopping Center, a 165,000-square-foot grocery-anchored property in Baldwinsville, N.Y. RMSC Holdings snapped up the metropolitan Syracuse asset.

Sited on 24 acres at 2265 Downer St. approximately 15 miles outside of downtown Syracuse, River Mall attracted more than a little attention in the investment community. “It was pursued by several regional and national investors primarily due to its strong Top Market anchor and its proximity to Syracuse,” Nat Heald, tktkt with CBRE, told Commercial Property Executive.

Top Market occupies nearly 50,000 square feet at River Mall, which made its debut in 1971. However, the grocery store is just one of a bevy of retailers on the crowded tenant roster; the shopping center is 100 percent occupied.

Investors were also keen on River Mall’s upside potential through rent increases over time. Presently, in-place rents at the property average $5.35 per square-foot, while the average asking rent in metropolitan Syracuse, according to a first quarter report by CoStar, is $10.04 per square-foot.